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Bitcoin cools from 1-week highs with key long-term metric echoing $44K

Posted by Corneliu Boghian on November 30, 2021 - 8:23am


William Suberg

WILLIAM SUBERG

Bitcoin cools from 1-week highs with key long-term metric echoing $44K

A "bullish engulfing" enters on multi-day charts as BTC price action manages to preserve some of Monday's gains.

Bitcoin cools from 1-week highs with key long-term metric echoing $44KMARKET UPDATE

Bitcoin (BTC) returned to cement higher support on Nov. 30 after the latest BTC price comeback halted near $59,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

RSI sees "bullish engulfing"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.

The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.

Popular Twitter personality TechDev noted that Bitcoin's stochastic relative strength index (Stoch RSI) had "reset" to levels that echo BTC/USD at $44,000 — just before the run, which culminated in all-time highs.

"Bullish engulfing printed on stoch RSI cross with RSI reset to 44K levels," he summarized alongside the 3-day chart. 

Bitcoin's late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.

While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.

"Bitcoin high timeframe structure is bullish. Cycle awareness is key," TechDev added in a separate post.

The Crypto Fear & Greed Index, days ago in "extreme fear" territory, looked set to enter its "neutral" zone with a score of 40/100 Tuesday.

Crypto Fear & Greed Index. Source: Alternative.me

Ethereum avoids breakout against BTC

For Ether (ETH) against Bitcoin, the picture was mixed.

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

As altcoins saw broadly flat performance over the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern on the 4-hour timeframes for ETH/BTC. The weekly chart produced similar characteristics.

Rising wedge structures are often seen as a potential bear flag due to their tendency to break to the downside. 

ETH/USD traded at $4,400 at the time of writing, nonetheless up 7.3% over the past week.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Simon Keighley It will be interesting to see how this bullish engulfing pattern plays out - thanks for sharing the technical analysis, Corneliu.
November 30, 2021 at 9:00am
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